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Economics Past Questions and Answers

Waec Economics Questions

Question 676:

When elasticity is zero the demand curve is

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A Perfectly elastic
B Perfectly inelastic
C Concave
D Downward sloping

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Question 677:

An increase in the demand for butter reduces the demand for margarine, this type of demand is called

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A Competitive demand
B Elastic demand
C Derived demand
D Composite demand

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Question 678:

A commodity is said to have derived demand when it

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A Has a joint demand with another commodity
B Is demanded by the rich only
C Is demanded for immediate consumption
D Is demanded because of what it can help to produce

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Question 679:

Which of the following statements about population is correct?

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A Optimum population whenever achieved does not change
B Under-population implies that available resources are not use to full capacity
C Over-population leads to a higher per capital output
D Optimum population leads to overcrowding of cities

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Question 680:

Malthus population theory stated that

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A Higher death rate may lead to low productivity
B Population may outgrow the means of subsistence
C People will always decide to have children
D Migration may leave some parts of the world barren

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